Posted by BillW. on March 14, 2001 at 23:08:38:
kathy, How much do you know about sinkholes and how they are formed? If you can get full replacement insurance as well as insure against what happens if it just opens up in the yard, why not? last thing you want is a big sinkhole right next to the house, but not touching it. (Sorry, we can’t pay, it hasn’t destroyed the house.)
BillW.
sinkholes? in fla! - Posted by kathy chandler
Posted by kathy chandler on March 14, 2001 at 15:30:26:
would you buy a home at 50% fmv in fla with a history of 3 sinkholes in 7 yrs? fmv= 130k I have never delt with a sinkhole before and this month 4 people have called
Re: sinkholes? in fla! - Posted by eric-fl
Posted by eric-fl on March 15, 2001 at 20:43:58:
I have lived in Florida most of my life. Your question was "would you buy a home at 50% fmv in fla with a history of 3 sinkholes in 7 yrs? " My answer: Not only no, but no way in you-know-what. 3 sinkholes in seven years? That’s a lot. One is a lot. 3 is swampland. “Wanna buy some swampland in Florida?” Don’t be a sucker. With the drought continuing, the aquifer levels continue to lower. This will only make sinkholes more prevalent, especially in places where they have occured before.
Re: sinkholes? in fla! - Posted by Lazaro
Posted by Lazaro on March 15, 2001 at 18:03:39:
I had a very similar experience. I didn’t buy. If you do not disclose to the insurance company that there is a sink hole they will terminate the insurance. Now you have to check the insurance record and the claims to the insurance companies. If this house has a history of claiming for a sink hole then I wouldn’t buy. You would have to disclose to the insurance company. If you don’t then in a few months they will terminate the policy. Now you don’t want to have a house rented and uninsured. You know how unpredictable tenants can be. By the way I live in Florida and this deal was in Florida as well. Hope this helps.
Re: sinkholes? in fla! - Posted by chan
Posted by chan on March 15, 2001 at 16:09:09:
i would not buy. maybe at 20% FMV, and just keep it as a rental till it sinks. if the sinkholes are occuring right beneath the house, you are talking major bucks. and ALL florida property polices exclude sinkholes.